Yardeni Report: Stock Market Briefing: S&P 500 Sectors and Industries Profit Margins

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Ed Yardeni is often highlighted here by MFO posters linked by many here:
https://mutualfundobserver.com/discuss/search?Search=yardeni

This morning I stumbled upon this report titled: Stock Market Briefing: S&P 500 Sectors and Industries Profit Margins dated October 4, 2018.

Profit Margins and the price of the S&P 500 Index seem to be "in the moment" indicators and comparing the two seems to be one data point to follow. Since 2017, the S&P 500 index seems to be out pacing (being priced up) above profit margins which is captured in chart 7 (S&P 500 vs trailing profit margins) in his report:


Report (lots of charts):
yardeni.com/pub/sp500margin.pdf

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Drilling down into the S&P 500 sectors for recession proof industries (showing little draw down on profit margins during the last two recessions):
- Tobacco (Consumer Staples)
- Household Products (Consumer Staples)
- Healthcare Equipment (Healthcare)
- Pharmaceutical (Healthcare)
- Industrial Gases (Materials)

Surprise (to me):
- The profit margins for the Health Sector as a whole has steadily fallen from 12.5% (in 1995) to 9% (in 2018)

Boring, but steady sectors:
- Healthcare Distribution
- Drug Retail
- Glass & Metal Containers


Also,
Oct 3, 2018 follow up report by Ed Yardeni: Performance 2018 S&P 500 Sectors & Industries

https://yardeni.com/pub/peacockperf.pdf